26 Septiembre 2017, USD/JPY
Wave Analysis:
Despite our expectations that the impulsive wave (5) could extend higher towards 114.00, this impulsive wave only hit the highs of 112.45 and could not break higher. We expect the downward rally that began during the previous trading day, to be the unfolding of a corrective three wave cycle and should not go beyond 110.736. That say, the current bearish price action is the continuation of the impulsive wave (c) to the lower side towards 110.73 where we'll be looking to rebuy this pair. If the level 110.736 is broken, then the price could fall further with the next target 108.472. This pair should traded alongside CADJPY, CHFJPY, AUDJPY and NZDJPY. These pairs have a strong positive correlation of up to +62% and will move in the same direction during this intraday.
Trade Recommendations:
We're short towards 110.736
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